SEOUL - Hyundai Motor Co., South Korea's leading automobile manufacturer, and its affiliate, Kia Corp., are projected to achieve a significant milestone in 2023, with combined exports expected to surpass 2 million units. This forecast, based on recent data, reflects a robust recovery in the global automotive market post-pandemic.
According to Yonhap News Agency, from January to October 2023, Hyundai and Kia recorded exports of 945,062 and 867,136 units, respectively. This combined export figure marks a 17.5 percent increase compared to the same period in 2022.
Based on the average monthly shipments of approximately 180,000 units by the two companies, industry experts predict that the total overseas sales for 2023 will exceed 2 million units. This level of export has not been seen since 2016. A Hyundai Motor Group official attributed this growth to the expansion of domestic production capabilities, particularly in response to the growing global demand for eco-friendly vehicles.
Moreover, the combined export value of Hyundai and Kia reached $43.9 billion over the January-October period of 2023, surpassing the total value of $41.5 billion recorded for the entire previous year. The data also revealed an increase in the average price of cars sold, which rose to $24,000, a significant jump from the $14,000 average price in 2016.